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Monday Morning: Fund industry unblemished no more

Meet Michael Phillips, your average mutual fund investor. Every year for the past decade, Mr. Phillips, 52, has…

Meet Michael Phillips, your average mutual fund investor.

Every year for the past decade, Mr. Phillips, 52, has diligently stashed retirement money into mutual funds offered through his employers' 401(k) plan.

The action is rote; he has never even thought about it. And truth be told, he still does

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